The IRS is suing Facebook for $9bn over unpaid taxes, reports Reuters, targeting its licensing of “intellectual property” to its own Irish subsidiary to shift profits to that lower-taxed jurisdiction.
Under the arrangement, Facebook’s subsidiaries pay royalties to the U.S.-based parent for access to its trademark, users and platform technologies. From 2010 to 2016, Facebook Ireland paid Facebook U.S. more than $14 billion in royalties and cost-sharing payments, according to the court filing.
The company said the low valuation reflected the risks associated with Facebook’s international expansion, which took place in 2010 before its IPO and the development of its most lucrative digital advertising products.
The practice used to be called Double Irish but has become more elaborate in recent years with changes to the law; Ireland remains the hot place to store profits.
Crossbow killer exposed by car telematics
Gerald Corrigan, 74, went outside his house at midnight to check his satellite dish after the TV signal failed. It was a trap: he was shot in the dark with a crossbow bolt, which punctured internal organs and led to his death three weeks later from sepsis. His killer was Terence Whall, 39, convicted today […]
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Google resists giving up emails, texts, & docs sought in state anticompetitive digital ad probe — reports
Reporting at the WSJ today says Alphabet/Google hasn’t met the demands of state investigators to surrender emails, texts, and other documents in an ongoing anticompetitive digital-ad practices investigation.
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Trump WH urges Supreme Court to kill Alphabet’s appeal vs Oracle on same day Trump attends Larry Ellison’s re-election fundraiser
Sure, this absolutely passes the corruption smell test. Everything is fine. Trump and his klepto-regime are (of course) supporting Oracle’s Larry Ellison in his Supreme Court fight with Google. The same day the same Larry Ellison hosted a massive fundraiser for Trump in California. From reporting by Malathi Nayak at Bloomberg News: The Trump administration […]
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No gas, no liquid, all heat: these plasma lighters are like having a lightsaber in your pocket
With so many advancements in modern society, you’d think we’d have moved beyond the butane lighter by now. A pressurized, flammable gas, butane fumes can irritate your eyes and skin, can elevate your heart rate, and even lead to cardiac arrest. And we did mention that whole highly pressurized and flammable part, right? While certainly […]
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Enter to win a $1,000 gift card to the airline of your choice plus save on top cheap flight finder apps
Is it just us, or does it feel like winter hasn’t been as horrendous as usual this year? Well, stats show it’s actually been one of the warmer winters on record so far this year for many eastern U.S. cities in January and February. But, almost on cue, weather experts warn signs of a serious […]
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Kick your cell plan to the curb with this six-month deal for less than $9 a month
While mobile devices are all but essential and the center of so many individual universes these days, find one person who loves their wireless plan with that type of passion. Check around. We’ll wait… Didn’t find anybody, did you? That’s because most wireless plans are designed for the convenience of the provider and will nickel-and-dime […]